After a successful PPA agreement with the Andhra Pradesh Govt. to develop a 25 MWe pilot power plant in Khammam, GeoSyndicate (Gujarat) Pvt. Ltd did a success story again with the Government of Gujarat at the ‘Vibrant Gujarat 2013″ summit on 11 January 2013. GeoSyndicate (Gujarat) Pvt. Ltd. singed an MoU with the Government of Gujarat to develop geothermal source for power development. The MoU was signed in the presence of Honbl. Chief Minister of Gujarat, Shri. Narendra Modi during “Vibrant Gujarat 2013” summit.
Speaking to the media, the Managing Director of the Company, Mr Varun Chandrasekhar said “with an investment of Rs 500 crore, creating employment to thousands of people, this MoU will focus on generating power from geothermal sources, a green energy initiative taken by the Govt. with GeoSyndicate. This source will also be utilized for other direct applications like space heating and cooling, green house cultivation and dehydration. We have a strong technical, financial and legal team who are world wide based and well poised to take up the challenge to mitigating carbon foot print in the country”.
In an another event, the Gujarat Energy Research and Management Institute (GERMI) also signed an MoU with M/s GeoSyndicate (Gujarat) Pvt. Ltd. on 10 January 2013 to undertake geothermal developmental activities from “hot sedimentary aquifers, and hot dry rocks ( also known as enhanced geothermal system…EGS) and solar -geothermal integrated systems. This assumes importance in the light of a publication in the World Geothermal Congress 2010 that reports about India’s EGS sources to generate energy equivalent to 3.133 x 1022 BTU.
According to a press release, a dozen MoUs, proposing investment of Rs26,000 crore in energy & petrochemicals sectors, were signed on Friday, the first day of three-day Vibrant Gujarat Summit 2013. While talking to the media, the principal secretary, energy and petrochemicals department of the Gujarat government, said “We have also signed a letter of co-operation with Asian Development Bank for financial assistance for developing transmission & distribution network for evacuation of power from renewable energy sources,”
The Karnataka government also signed EoI for an investment worth Rs 52,000 crore with several companies during the summit. According to an official press release, a delegation from the government of Karnataka led by the minister for large and medium industries and senior officials from the government held one to one meetings with several companies for investments. Among other sectors, the Government signed EoI with GeoSyndicate (Gujarat) Pvt. Ltd to initiate clean energy technology in the state.